I tried that in my '73 AMC Gremlin with the 304. Didn't do ****. Neither does Marvel Mystery Oil.
Of course, I also ran it on camp stove fuel, white gas, as well as cheap home depot lacquer thinner. All kinds of stuff works when you're broke as a joke and 19 years old. The power was down significantly, and it dieseled for a good 10-20 seconds after I killed the ignition, so I just threw it in drive and killed it that way.
